Former Enron CEO to head troubled Krispy Kreme
Is this a freaking joke? I guess it’s time for the NC-based donut maker to sink beneath the waves of corporate ethical standards.
Chief executive officer Scott Livengood was ousted today as head of Krispy Kreme Doughnuts Inc., the once-trendy chain whose stock price has plummeted amid a federal securities investigation and allegations of padded sales figures. Shares of Krispy Kreme jumped 12 percent.
The Winston-Salem company’s board of directors announced the retirement of Livengood, who has been criticized for his handling of the company’s recent financial problems, as one of “a number of important actions to address the company’s current situation.”
Livengood, 52, who has been at the helm for seven years and led the company’s rapid rise, was replaced as CEO by Stephen Cooper, a turnaround specialist who most recently shepherded the Enron Corp. bankruptcy reorganization.